He retired in 2000 and turned over ownership of the business to his sons, Bobby and Jason, and Sid's daughters Lana and Arna. The flagship Toronto store that bore his name closed in 2007 and its distinctive façade was declared a heritage site by the city.[5]

Following the closure, Sniderman expressed his support for Ryerson University's bid to expropriate the Yonge Street property if his children and nieces failed to negotiate a deal to sell the property to the university.[5] In the end, Ryerson reached a deal to purchase the property from the family.[6]

On October 20, 1976, he was invested into the Order of Canada. He was appointed to the Order's third tier, Member, for "found[ing] the Recordings Archive Library at the University of Toronto, now the largest of its kind in Canada. For his constant support of Canadian talent and concern for the preservation of our cultural heritage".[7]

Sam Sniderman himself remained an active participant in the Canadian music industry until his death. Always a believer in the "more is more" philosophy, he established the Sniderman Sound Recording Archive at the University of Toronto's School of Music, ensuring that it is "as big as possible." Sniderman spoke at the 2006 East Coast Music Awards. In 1999, Sniderman received the Ramon John Hnatyshyn Award for Voluntarism in the Performing Arts, a companion award of the Governor General's Performing Arts awards, for his tireless support of Canadian musicians.[8]

His son Jason Sniderman is a musician and was also an executive with Sam the Record Man. Another son, Bobby Sniderman, went into business for himself as proprietor of The Senator restaurant.